PACRA places Asset Manager Rating of First Capital Investments Limited on Rating Watch
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786 Investments Limited (Formerly: Dawood Capital Management Limited) has shown interest in acquiring the only mutual fund (First Capital Mutual Fund) of First Capital Investments Limited. The legal process has been initiated. First Capital Investments Ltd is waiting for the relevant regulatory approvals (particularly from SECP). Notably, both parties intend to conclude the transaction in a timely manner.
Noting the expected change in ownership and related acquisition process, PACRA has placed the ratings of First Capital Investments Limited on Rating Watch and would monitor the related developments. Rating would be reviewed once it is settled.
First Capital Investments Limited (FCIL) commenced operations in 1995. The company is sponsored by First Capital Securities Corporation Limited (FCSC) the holding company of First Capital group with 87% shareholding. Mr. Sulaiman Ahmed Said AlHoqani - An Omani Investor - holds a strategic stake of 9.2% in FCIL and major shareholding in FCSC. FCIL is currently managing one open-end, equity fund namely First Capital Mutual Fund (FCMF) with assets under management of PKR 208mln at end June-18.
The Board of Directors comprises four members, including the CEO. The remaining two
members including the chairman are independent. During the year, Syed Nadeem Hussain has been appointed as the new Chairman of the board. Mr. Imran Hafeez was appointed as the new CEO of FCIL in Sep16.